| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7902 |
| 来源ID | Working Paper 7902 |
| International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information | |
| Menzie D. Chinn; Kenneth M. Kletzer | |
| 发表日期 | 2000-09-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | A model of financial crises in emerging markets based on problems of agency in financial intermediation is developed. This model generates dynamic relationships between foreign capital inflows, domestic investment and domestic bank debt in an endogenous growth model. As a consequence of loan renegotiation between limited liability banks and firms, financial crises inevitably occur. Banking and currency crises are concurrent events under an exchange rate peg combined with deposit insurance and implicit government guarantees of foreign currency loans. The model links high pre-crisis growth rates, the accumulation of bank debt and increasing concentration of domestic lending and investment to the anticipation of contingent government insurance of private financial transactions. The dynamics of capital inflows and growth before and after a financial crisis are compared to the experience of the Asian crisis countries. We find evidence consistent with this agency model of domestic bank intermediation of foreign capital inflows under exchange rate pegs. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w7902 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565487 |
| 推荐引用方式 GB/T 7714 | Menzie D. Chinn,Kenneth M. Kletzer. International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7902.pdf（346KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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